Course code Ekon2045

Credit points 2

Accounting Basics

Total Hours in Course80

Number of hours for lectures8

Number of hours for seminars and practical classes24

Independent study hours48

Date of course confirmation22.05.2019

Responsible UnitInstitute of Finance and Accounting

Course developer

author doc.

Anna Jesemčika

Mg. oec.

Course abstract

The course provides basic knowledge of the system of accounting in Latvia, the areas, principles and methods of accounting, accounting items, how to organize the accounting process and keep records in the double entry system as well as of the content of an annual accounting statement.

Learning outcomes and their assessment

1. Students will be able to: demonstrate the knowledge of the accounting system in Latvia and the accounting methodology - discussions in classes.
2. Demonstrate the knowledge of expenses and revenues, how to account for them - test with calculations.
3. Demonstrate the knowledge of enterprise finances and the sources of finance, documentation, inventorying and an annual financial statement - test with calculations.
4. Demonstrate a reasoned understanding of a financial statement, which is a basis for creative thinking and research - independent work.
5. Demonstrate the knowledge and understanding of a chart of accounts and how to apply it - independent work.
6. Independently apply accounting methods for business - discussions in classes.
7. Apply accounting principles to balance sheet items and comprehend their significance - test with calculations.
8. Perform an economic assessment of expenses and revenues - test with calculations.
9. Independently acquire necessary information on the implementation of an enterprise budget - independent work.
10. Acquire information from various information sources - independent work.
11. Engage in discussions, reasonably defending their opinions - discussions in classes.
12. Present the results of their calculations - practical assignments.
13. Justify their decisions on accounting for business transactions in an enterprise - practical assignments.

14. Independently define and analyse problems in accounting process organisation and control the implementation of expense plans in an enterprise - tests, practical assignments.

Course Content(Calendar)

1. Introduction to the course. Accounting, its meaning, and requirements. The essence of accounting, tasks (lecture – 1 hour, practical task – 1 hour).
2. Subject and methods of accounting. Accounting objects. Elements of the accounting method. Financial and management accounting subject. Best Accounting Practice (practical task – 2 hours).
3. Balance sheet concept and structure. The changes in the balance sheet items. The concept of accounts and their general construction (lecture – 2 hours, practical task – 6 hours).
4. Balance sheet account structure. Operation account structure Synthetic and analytical accounts. Registration of economic operations (lecture – 2 hours, practical task – 8 hours).
5. The concept and meaning of the document. Requirements for documents. The concept of accounting registers. Correction of errors in accounting documents and records (lecture – 1 hour, practical task – 1 hour).
6. The organization of the accounting works at the company. Accounting for long-term investments. Accounting of current assets. Inventory accounting. Recording of claims. Money accounting. Accounting of fixed capital and reserves. Accounting of the revenue and expenditure of the economic activity of the undertaking. Accounting of undistributed profits or uncovered losses. Inventory (practical task – 4 hours).
7. The end of the year. Reports. Balance. Cash Flow Statement. Drawing up, approval and submission of the annual report (lecture – 2 hours, practical task – 2 hours).

Requirements for awarding credit points

Formal test with a mark - cumulative score of study results. During the semester the following are evaluated:
1) Successfully passed 2 tests:
- the accounting balance and its structure;
- accounting accounts and registration of the annual report.
If the test has not been credited, overwriting of the test will be permitted once, in writing, for theoretical issues and practical tasks learned during the semester.
2) Independent work.

3) Activity in practical work classes.

Description of the organization and tasks of students’ independent work

Studying the regulatory literature for the accounting indicated throughout the semester, preparing for tests. The student must act as an explanation for the complex technical data of accounting information, as an interpreter. Learn to register economic transactions, learn to make a profit or loss account, calculate net profit, and reflect on the balance sheet.

Criteria for Evaluating Learning Outcomes

Cumulative score (100%).Weighting rates %:
1. 2 tests (25% + 35%)
2. Independent work (15%)
3. Participation in discussions on topical issues (15%)
4. Activity in practical classes (10%)

10% are equal to one point on a 10-point marking scale.

Compulsory reading

1. Gada pārskatu un konsolidēto gada pārskatu likums: LR likums [tiešsaiste]. Pieņemts: 22.10.2015. Stājas spēkā: 01.01.2016. Pieejams:
2. Gada pārskatu un konsolidēto gada pārskatu likuma piemērošanas noteikumi: MK noteikumi Nr. 775 [tiešsaiste]. Stājas spēkā: 01.01.2016. Pieejams:
3. Kelmere L. Ievads grāmatvedībā jeb Grāmatvedības pamati: teorija un uzdevumi. Rīga: Lietišķās informācijas dienests, 2020. 255 lpp.
4. Finanšu grāmatvedība. Mācību grāmata. I.Leibus, I.Pētersone, A.Jesemčika, A.Svarinska, R.Grigorjeva. Rīga, 2018. 320 lpp.
5. Grāmatvedības pamati uzņēmumos. I.Leibus, R.Grigorjeva, A.Jesemčika, A.Svarinska. Rīga: Lietišķās informācijas dienests, 2019. 195 lpp.
6. Par grāmatvedību: LR likums [tiešsaiste]. Pieņemts 14.10.1992.
Stājas spēkā 01.01.1993. [Saktīts 22.04.2020.]. Pieejams:

Further reading

1.Apinis R. Grāmatvedības organizācija un grāmatvedības tiesu ekspertīze. Biznesa augstskola Turība. Rīga, 2000. 117 lpp.
2.Januška M. Finanšu un grāmatvedības kontrole firmā. Rīga: Merkūrijs LAT, 2003. 144 lpp.
3.Ludboržs A. Finanšu grāmatvedība tirdzniecībā. Lietišķās informācijas dienests. Rīga, 2003. 282 lpp.
4.Mālderis G. Revīzija. Audits. Grāmatvedība. 3. papild. izdev. un CD formāta normatīvie dokumenti. Rīga: Lietišķās Apmācības Centrs, 2008. 136 lpp.
5.Rurāne M. Uzņēmuma finanses. Rīga: Apgāds Jumava Turība, 2007. 254 lpp.
6.Saksonova S. Uzņēmuma finanšu vadības praktiskās metodes. Ekonomikas un biznesa prakse. Rīga: Merkūrijs LAT, 2008. 225 lpp.

Periodicals and other sources

1. iFinanses. Rīga: iŽurnāli. Pieejams: ISSN 2255-985x
2. Bilance: žurnāls par grāmatvedību, likumdošanu un finansēm. Rīga: SIA Lietišķās informācijas dienests. ISSN 1407-5709
3. Bilances Juridiskie Padomi. Rīga: SIA Lietišķās informācijas dienests. ISSN: 2255-9507


Field basic course for the ESAF first level professional higher education study program Commercial sciences (part B2).